Something to be careful with when doing your taxes is to make sure you aren’t double dipping any deductions.
For example, if you are using the fixed rate method for work-from-home expenses remember you can’t also add mobile phone and internet bills on top of that as they are already covered by the rate.
Another double-dipping example is using the cents per kilometre method to make a claim for car expenses, and then claiming expenses separately such as fuel, car insurance, and registration. The cents per kilometre method is all-inclusive and these expenses are already covered.
And finally, it’s also important to make sure you don’t claim a deduction for expenses if you have already been reimbursed by your employer.
Effie Zahos has been providing expert advice on personal finance and consumer issues for over two decades, and her insights are sought after by many Australians.
The author of several best-selling books on personal finance, including “A Real Girl’s Guide to Money: From Converse to Louboutins,” “Getting Rich, Staying Rich: A Practical Guide to Investing in Shares,” and “The Great $20 Adventure,” her expertise and experience in the area of finance are unparalleled, and she is a passionate advocate for financial literacy in Australia.
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These Tax Tips with Effie Zahos are for general information only, not tax advice.
Before making any decisions you should speak to a registered tax adviser.